We already know about 20th Century Fox and Disney signing movie rentals deals with iTunes in the past few weeks, but Apple’s biggest catch may prove to be a deal to launch a new record label with Jay-Z.

Jay-Z, who recently made news for stepping down as Def Jam’s President is rumored to be part of a MacWorld announcement that will see iTunes formally move from music seller to music maker. Details are scant beyond that, but you can probably be sure that whatever music is made through this new label will only be available via iTunes and I would have to imagine giving Steve Jobs’ rant early last year, will be DRM-free.

This rumor has actually been around since at least June when talk started swirling that Jay-Z and superstar girlfriend Beyonce were interested in a deal with Apple that would allow them to start a new kind of project. Boy Genius is now saying that Beyonce is not formally part of the deal, but who knows what is going on here. All I know is that if this rumor is true, it’s going to be another massive blow to the traditional record companies.